What is tax-saving mutual funds?
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Tax saving mutual funds provide dual benefits of returns and tax savings. Generally referred to as Equity Linked Saving Schemes, these plans invest primarily in Equities. They are known to generate significantly higher returns as compared to other mutual fund schemes while also offering tax benefits under Section 80C of the Indian Income Tax Act. Tax Saving Mutual Funds allow you to avail tax deductions of up to INR 150,000 per annum or tax savings of up to INR 46,800 if you belong to the 30% tax payment slot.